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Jan 30, 2011
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tax. it does not tax savings. if i earn money, put in the bank and don't spend it, it doesn't get taxed until i take and out it spend it on whatever i buy. consumption is better basis for taxation than income, consumptions enjoying, and saving is a part of economic growth. if we exempt saving until later consumed it's going to promote economic growth. i think there's strong case to be made for using consumption as the basis of taxation. >> if, however, sacrifices are to be shared equally, some adjustment would have to be made for those who have little money at all and are hard pressed to cover even the most basic necessities. our tax code may be the best measure of what kind of a people we are and what kind of a country we have created. the late american philosopher john rawls defined a just society as one you would want to live in, even if you did not know what your place in it would be, whether you'd be rich or poor, male or female, or what your race or i.q. would be. in his course at ha
tax. it does not tax savings. if i earn money, put in the bank and don't spend it, it doesn't get taxed until i take and out it spend it on whatever i buy. consumption is better basis for taxation than income, consumptions enjoying, and saving is a part of economic growth. if we exempt saving until later consumed it's going to promote economic growth. i think there's strong case to be made for using consumption as the basis of taxation. >> if, however, sacrifices are to be shared equally,...
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Aug 7, 2011
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taxes. buincreases will be on the table in the days ahead. what is a just tax system? how should the government raise revenue to provide the basic services our society needs? and how should the tax burden be shared? tim o'brien reports. >> reporter: there are some things the government must do, and the first reason for tax is to pay for them. beyond that there is wide debate over how taxes can be efficient and fair and what kind of society they should promote. >> people on the left think that the tax code is not nearly redistributive enough, that the rich are really getting away with murder. people on the right think that it's not the job of government to be redistributing income and that the tax code we have is too progressive. >> reporter: greg mankiw was chairman of the council of economic advisers in the second bush administration. >> it's a difference of values, of what you think government should be, in coming to any sort of tax reform. those different values are going to collide, and
taxes. buincreases will be on the table in the days ahead. what is a just tax system? how should the government raise revenue to provide the basic services our society needs? and how should the tax burden be shared? tim o'brien reports. >> reporter: there are some things the government must do, and the first reason for tax is to pay for them. beyond that there is wide debate over how taxes can be efficient and fair and what kind of society they should promote. >> people on the left...
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Apr 14, 2011
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we want to keep the tax revenue where's they are and fix the tax code. the partisan spending rhetoric, if you don't fix entitlements, charlie, if you don't get spending under control, there's not going to be any money left for those other things, for roads, for bridges, for education, for the environment. by fixing the drivers of our debt and get the entitlement programs, saved, sustainable, and secure you free up the money for other priorities in the government. if you don't address the drivers of our debt-- which clearly the president is not. he's not making a proposal to do that-- then you don't have money left for everything else. so i'm amazed that he would use that kind of hyperbolic, hypervendalating rhetoric to describe a plan which we clearly don't do that. we call our plan a path to prosperity because it's welfare reform to get people back to work, economic growth and job creation. it's getting medicare, medicaid, social security saved. we want to save these programs. and by the way, our proposals don't change a single benefit for anybody the a
we want to keep the tax revenue where's they are and fix the tax code. the partisan spending rhetoric, if you don't fix entitlements, charlie, if you don't get spending under control, there's not going to be any money left for those other things, for roads, for bridges, for education, for the environment. by fixing the drivers of our debt and get the entitlement programs, saved, sustainable, and secure you free up the money for other priorities in the government. if you don't address the...
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Sep 25, 2010
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capital gains tax, the estate tax which right now doesn't exist, it's expired. there are big packages of taxes other than the marginal rates that have to be wrestled with. that is what makes this complicated and in the house it is easier for democrats to put a bill on the floor that matches what president obama has proposed, letting the estate tax go back to 2009 levels, for instance. in the senate everybody will have their say and there will be lots of different variations of how you would put that whole package together so it isn't easy. >> it's so much fun to watch all this and it continues. david herszenhorn, "the new york times", thanks very much. >> sure thing. >> brown: we'll continue our look at the tax cuts story with an interview with former federal reserve chairman alan greenspan. also coming on the newshour: britain's deputy prime minister nick clegg; the still-rising flood waters in pakistan; shields and gerson; and facebook: the movie, the ceo and the web site. but first, the other news of the day. here's hari sreenivasan in our newsroom. >> sreeni
capital gains tax, the estate tax which right now doesn't exist, it's expired. there are big packages of taxes other than the marginal rates that have to be wrestled with. that is what makes this complicated and in the house it is easier for democrats to put a bill on the floor that matches what president obama has proposed, letting the estate tax go back to 2009 levels, for instance. in the senate everybody will have their say and there will be lots of different variations of how you would put...
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Aug 5, 2012
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everybody is for general tax reform, but against specific closing of tax loopholes. he has pledged a further to lower taxes on the richest people in the country -- the top 5%, and keep capital gains and dividends taxes on unearned and, lower where will you get the money if you cut all the preparations and programs? that is the question, where is it going to come from. >> but mark, obama is at least notionally for tax reform, and it seems to be a cheap shot to be saying, oh, look at romney, he is raising taxes on the middle class. romney is saying that if you lower tax rates in the hope, of course you have to close loopholes, and it is going to raise taxes -- stop the presses, folks, it is going to raise taxes on everybody. >> romney did not state we would do something a little bit. he promised to raise marginal tax rates by 20%. all the while, not a warrant -- not affecting revenue at all. what is going to happen? >> every economist who has looked at this -- lower tax rates in the obit close loopholes -- >> he does not say -- >> the romney campaign says that the broo
everybody is for general tax reform, but against specific closing of tax loopholes. he has pledged a further to lower taxes on the richest people in the country -- the top 5%, and keep capital gains and dividends taxes on unearned and, lower where will you get the money if you cut all the preparations and programs? that is the question, where is it going to come from. >> but mark, obama is at least notionally for tax reform, and it seems to be a cheap shot to be saying, oh, look at...
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Sep 24, 2011
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he wants estate tax in there, he wants higher tax rates. he's a liberal. i can on by how he might benefit. >> what is his net worked? >> 42 billion. >> more than that. >> he's in the top 10. used to be number two, behind bill gates. >> what is his net worth? >> i don't follow it. and he doesn't consult me on it. >> what is your net worth? >> i don't follow that either. >> are was a billionaire? >> yes. >> do you do what buffet does, declare yourself a salary, and if so, what is it? >> well, i'm -- i'm perfectly happy to talk about his salary, if you would like. but let me just say -- >> the way he's managing, $100,000 a year then the rest he puts in investment. >> he pays a 15% rate on the rest of it. >> is that okay? >> what the law permits. so it's -- yes, perfectly legal. >> is he entitled to be a higher fence on the matter of taxes? >> i do think he's concerned with the well first of the country. he's led amongst other things a lot of people to contribute to charitable causes, particularly in their wills, to devote at least 50% of their estate to chari
he wants estate tax in there, he wants higher tax rates. he's a liberal. i can on by how he might benefit. >> what is his net worked? >> 42 billion. >> more than that. >> he's in the top 10. used to be number two, behind bill gates. >> what is his net worth? >> i don't follow it. and he doesn't consult me on it. >> what is your net worth? >> i don't follow that either. >> are was a billionaire? >> yes. >> do you do what buffet...
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Dec 13, 2012
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and fight against tax increases. whatever they vote for they have to go to their constituents and say this wasn't a tax increase or let me explain to you what i did. they have to talk to their constituents. most republicans have made it very clear they're not interested in raising taxes. they want to reform government. >> woodruff: grover norquist, thank you very much for talking with us. >> thank. >> woodruff: online we profile two lawmakers who oppose norquist's pledge. plus, you can watch other interviews from our series. >> ifill: and to north korea, where a successful rocket launch echoed in world capitals today. we begin with a report narrated by john sparks of "independent television news." today brought something special on the evening news. >news. >> (translated): it's the proud result of the workers' party's policy on science and technology. >> reporter: the last time they trade this back in april north korea's multistage rocket disintegrated a few minutes after takeoff. but this time it seems they got it r
and fight against tax increases. whatever they vote for they have to go to their constituents and say this wasn't a tax increase or let me explain to you what i did. they have to talk to their constituents. most republicans have made it very clear they're not interested in raising taxes. they want to reform government. >> woodruff: grover norquist, thank you very much for talking with us. >> thank. >> woodruff: online we profile two lawmakers who oppose norquist's pledge....
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Sep 23, 2010
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other not just the bush tax cuts but many tax increases. if we want a smaller government, we can keep them. >> ifill: let's talk about the decision. obviously there's not going to be a big discussion about the size of government between now and december but we do know there is going to be a discussion whether the tax cuts, as they exist, would hobble growth, whether taking them away would hind growth. what is your opinion on that? >> i think there is no question removing the tax cuts, any or all of them in the next couple of years, would impede the recovery, and i think prudence would suggest keeping them there again until we're ready to have that discussion about our government and how we want to pay for it. >> ifill: let's turn the flip side of the argument. president obama has said many times lately that keeping these cuts in place for the wealthiest percentage of the population would cost $700 billion. is that a number that makes sense to you? >> well, that would be the cost, yes, over 10 years. there would be modest offset to that. but
other not just the bush tax cuts but many tax increases. if we want a smaller government, we can keep them. >> ifill: let's talk about the decision. obviously there's not going to be a big discussion about the size of government between now and december but we do know there is going to be a discussion whether the tax cuts, as they exist, would hobble growth, whether taking them away would hind growth. what is your opinion on that? >> i think there is no question removing the tax...
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Aug 3, 2012
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scott hodge, we thank you very much with the tax foundation, bill gale with the tax policy center. gentlemen, thank you. >> woodruff: you can watch both candidates in action on the campaign trail today. we've posted their full speeches on our politics page. >> brown: we head back to london tonight for an olympics update on what turned out to be a significant day for the american team. as always, a spoiler alert: here come some of the day's results. day six of the olyics brought new triumph for a diminutive american gymnast. 16-year-old gabby douglas won the women's individual all- around-- the first woman of color ever to claim that title. it was her second gold medal of the games. u.s. swimmers had another big day: rebecca soni won the women's 200 meter breaststroke, with a world record time; tyler clary took the men's 200 meter backstroke, with fellow american ryan lochte winning bronze. and michael phelps increased his all-time record haul of olympic medals to 20-- taking gold in the men'200 meter individual medley lochte won silver in that event. also making history was kayla h
scott hodge, we thank you very much with the tax foundation, bill gale with the tax policy center. gentlemen, thank you. >> woodruff: you can watch both candidates in action on the campaign trail today. we've posted their full speeches on our politics page. >> brown: we head back to london tonight for an olympics update on what turned out to be a significant day for the american team. as always, a spoiler alert: here come some of the day's results. day six of the olyics brought new...
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Dec 16, 2010
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that tax is wrong. it needs to go away. >> woodruff: well, representative pomeroy, we know there are a number of farms in your state of north dakota. why aren't you sharing this concern about the affect this could have on slowing down the economy? >> those are the same talking points they were using when the estate tax was at much lower levels. nationally there were very... there were fewer than a hundred farms at the' 909 levels. fewer than 10 had to liquidate any assets, 10 in the entire country, and these are the wealthiest few. now, at a timeç when we wereç going to make deep and painful cuts in order to deal with these deficits, why would we want to take $23 billion and basically give an enormous additional tax break to the wealthiest few families of this country. it doesn't make sense. >> if i may, mr. leverett of texas who wrote me that letter doesn't think he's a talking point. he's a family and struggles to make ends meet. i also point out we would have under mr. pomeroy's rate the second-h
that tax is wrong. it needs to go away. >> woodruff: well, representative pomeroy, we know there are a number of farms in your state of north dakota. why aren't you sharing this concern about the affect this could have on slowing down the economy? >> those are the same talking points they were using when the estate tax was at much lower levels. nationally there were very... there were fewer than a hundred farms at the' 909 levels. fewer than 10 had to liquidate any assets, 10 in the...
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Jan 19, 2012
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income tax level is basically the capital gains tax rate. so when he left bain capital, the income tax rate was about 39% and capital gains tax rate was about 20% at that time and now it's lower. so in the book we write about how he was paying that lower tax rate. >> woodruff: can you expand any more on what explanation romney has given for not releasing... i mean, you said? 2002 he said for privacy reasons. has he expanded on that at all? >> as far as i know those are the reasons he's given. there may be information there that would be interesting for our book. i looked into the 15 years of deals for bain capital and it's hard to determine whether it worked for mitt romney because we don't know what his personal profit was. for example there's a deal i write about in a very secure company where one of his partners said mitt may have made as much as $40 million. that's the kind of thing you would know best from a tax return because not only did bain capital invest, but at bain capital, partners were allowed to make what's called side investm
income tax level is basically the capital gains tax rate. so when he left bain capital, the income tax rate was about 39% and capital gains tax rate was about 20% at that time and now it's lower. so in the book we write about how he was paying that lower tax rate. >> woodruff: can you expand any more on what explanation romney has given for not releasing... i mean, you said? 2002 he said for privacy reasons. has he expanded on that at all? >> as far as i know those are the reasons...
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tax brackets. it's a lot of money. it's over $3 trillion over a ten-year period. we have a big deficit problem. this is an important source of revenue to help handled that problem. >> brown: but we also, as you say, have a jobs and economic growth problem so you know the argument against what you are suggesting. we heard it from glenn hubbard, we hear it from republicans, we hear it from even a few democrats, that this is the wrong time to let any of these tax cuts laps. >> okay, well, i think, let me distinguish here ideal policy from a compromise policy. my ideal policy would be to allow the top two brackets to expire at the end of this year, to move off of the bush tax cuts for the top two to three percent of the american population. to take the result aring additional tax revenue which is probably on the order of $35 to 40 billion dollars next year, and to take that money and spend it on job job-- job-creating programs. the congressional budget office itself has done an analysis of 11 different
tax brackets. it's a lot of money. it's over $3 trillion over a ten-year period. we have a big deficit problem. this is an important source of revenue to help handled that problem. >> brown: but we also, as you say, have a jobs and economic growth problem so you know the argument against what you are suggesting. we heard it from glenn hubbard, we hear it from republicans, we hear it from even a few democrats, that this is the wrong time to let any of these tax cuts laps. >> okay,...
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Mar 30, 2012
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so and then you mention taxes, you don't have to raise tacks, you go into that tax expenditures and the tax code start ripping them out one by one, pulling them out like roots. >> rose: cull the deductions out. >> yes and do it in a progressive manner. >> rose: and here is what paul ryan says who was a member of the commissio by the way. he said -- >> and a very good guy, by the way, a very smart, stable, honest hardworking guy. >> rose: here is what he said. the problem with bowles simpson and he said parenthetically i love alan bowles and simpson -- you have heard this song before, haven't you? >> yes, the music. >> rose: i loverer and alan simpson, the problem is, it didn't tackle healthcare entitlements those are the drivers of our debt, i don't want to sign an agreement i know ducedoesn't picks the problem. >> hemade thapoin crystal clear during our discussions. we cut medicare and medicated, medicaid by about $485 billion over ten years with the hopes that that would slow the rate of growth of medicare to gdp plus one. and then we said gosh if that doesn't work if that is not a de
so and then you mention taxes, you don't have to raise tacks, you go into that tax expenditures and the tax code start ripping them out one by one, pulling them out like roots. >> rose: cull the deductions out. >> yes and do it in a progressive manner. >> rose: and here is what paul ryan says who was a member of the commissio by the way. he said -- >> and a very good guy, by the way, a very smart, stable, honest hardworking guy. >> rose: here is what he said. the...
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Aug 22, 2012
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what's left are the bush tax cuts, including the child tax credit and lower tax rates on dividends and capital gains. tax experts say there is a strong chance people will see all those tax breaks-- $108 billion worth-- expire at the end of the year. >> really the economic hit of that will depend on what they ultimately think is going to happen if they believe congress is going to fix it after the fact, you'll have less economic effect. where, if they really feel they have gone over the cliff, it will be larger. >> reporter: which brings up another twist. if they go over the edge and let many popular tax breaks expire, there's a good chance congressional leaders will promise to make any fiscal cliff tax fixes they eventually pass, retroactive to the beginning of the year. >> it's a crazy way to think about doing things. it would be a disaster for businesses. you are going to see owners having to figure out how do i take money out to pay my estimated taxes. can i assume retroactivity? more importantly for people who have withholding, the withholding kicks in and it's very hard to retroac
what's left are the bush tax cuts, including the child tax credit and lower tax rates on dividends and capital gains. tax experts say there is a strong chance people will see all those tax breaks-- $108 billion worth-- expire at the end of the year. >> really the economic hit of that will depend on what they ultimately think is going to happen if they believe congress is going to fix it after the fact, you'll have less economic effect. where, if they really feel they have gone over the...
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Apr 8, 2013
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convert a regular ira to a roth ira, you'll be taxed but you can take the money out tax-free after 59 1/2. >> with the tax increase coming up, we're going to be putting more and more money into my rost ira and my traditional ira. >> for ma, a variednvesent strategy is an imperative. >> we're going to back to managing investments, and those folks who manage it the best will get to the finish line first. >> reporter: for "nightly business report," i'm sharon epperson. >> our series on tax tips will continue tomorrow with new ways to save for your retirement. if you've got questions, send them to us at nbr mail at cnbc.com. >> still ahead, a powerball fever hits the golden state. is it the answer to california's financial problems? first let's take a look at how commodities, treasuries and currencies did today.ys >>> many california residents are hoping to hit the jackpot so that'll be set for retirement. starting today, powerball lottery tickets went on sale in california. 34th state to join the nationwide game. our reporter tells us how much californians hope to hit. >> reporter: calif
convert a regular ira to a roth ira, you'll be taxed but you can take the money out tax-free after 59 1/2. >> with the tax increase coming up, we're going to be putting more and more money into my rost ira and my traditional ira. >> for ma, a variednvesent strategy is an imperative. >> we're going to back to managing investments, and those folks who manage it the best will get to the finish line first. >> reporter: for "nightly business report," i'm sharon...
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code and tax reform, particularly tax reform for businesses. he would also repeal obama care as much as can be done through state waivers and focus there. so it's a very tax, budget and regulatory focused economic agenda. >> susie: mitt romney has talked a lot about tax cuts, but we know that in a weak economy when you cut taxes, people save the money. they're still too afraid to spend it. so how would that get the economy growing again? >> well, you're making an argument about temporary tax cuts. what governor romney is talking about is permanent tax reform that would slash marginal tax rates across the board by 20%. but that's paid for in part by economic growth, but in large part by base broadening. so it's not the kind of temporary tax cut you suggest. it's radical tax reform. >> susie: when you talk about base broadening, some people say that's short hand for doing away with tax breaks that many americans have come to rely on, like the deductions for mortgages. is governor romney going to do away with those popular deductions? >> i don't t
code and tax reform, particularly tax reform for businesses. he would also repeal obama care as much as can be done through state waivers and focus there. so it's a very tax, budget and regulatory focused economic agenda. >> susie: mitt romney has talked a lot about tax cuts, but we know that in a weak economy when you cut taxes, people save the money. they're still too afraid to spend it. so how would that get the economy growing again? >> well, you're making an argument about...
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Sep 18, 2012
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the taxes collected last year and employment taxes and corporate taxes and exercise tax ... ex-cise taxes. is it fair to say that 46%. >> many of those people paysomey are out there working and they are paying in social security trust fund. >> and medicare. >> and then obviously weshouldnl governments. these folks go out and consume things and they pay taxes. >> some of them own homes andpa. our nation there are many ways to pay taxes other than the federal income tax. >> sure not all of that goes to. property taxes goes to another agency. great debate. tom marron along with us from the tax policy. policy. a big personnel change at goldman sachs. long time chief financial officer is retiring. he will leave the firm in late january. replacing him harvey schwartz who currently serves as goldman's. >> tom: the narrow trading ranges continued with the major stock indices in a relatively quiet session. the s&p 500 was in negative territory the entire session. it made one unsuccessful run toward the unchanged line in the late morning. the index finished down a fraction. 629 millio
the taxes collected last year and employment taxes and corporate taxes and exercise tax ... ex-cise taxes. is it fair to say that 46%. >> many of those people paysomey are out there working and they are paying in social security trust fund. >> and medicare. >> and then obviously weshouldnl governments. these folks go out and consume things and they pay taxes. >> some of them own homes andpa. our nation there are many ways to pay taxes other than the federal income tax....
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as certain tax cuts, like the payroll tax cut, expires. but i think there is going to be a big boost to confidence, and i think there is going to be a broad clearing of the air as this issue is resolved. and there has been so much hesitation on the part of employers and businesses on investing and on hiring, i think that's going to be wiped away. and the result -- the net rest isoing to be an improved growth rate in 2013, and especially big growth rates in 2014 and 2015. >> susie: roger, we have less than a minute and i want to ask you this important question because i think it is true that the uncertainty issue will be gone, but, you know, a lot of the c.e.o.s that i talked to, and i'm sure you hear this a lot, too, from the c.e.o.s you talk with is they're really concerned about growth. all they hear from washington is about tax hikes and spending cuts. how comeobodis taing out how to grow the economy? >> well, first of all, i think the c.e.o.s of the large corporations are very tuned into this debate. many of them are actually participa
as certain tax cuts, like the payroll tax cut, expires. but i think there is going to be a big boost to confidence, and i think there is going to be a broad clearing of the air as this issue is resolved. and there has been so much hesitation on the part of employers and businesses on investing and on hiring, i think that's going to be wiped away. and the result -- the net rest isoing to be an improved growth rate in 2013, and especially big growth rates in 2014 and 2015. >> susie: roger,...
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Nov 30, 2011
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i think you have to credit who is being affected by the tax cut and tax increase and who is paying for it they are proposing a sur tax on over a million dollars a year. it's a small sliver on the population and higher income families over a million dollars a year have a tendency to spend less than middle class families who disproportionately benefit. i think it provides the right medicine. >> is this like the bush tax cut. a temporary tax cut that is extended over and over again until it's almost permanent. >> i think this is much different. one thing the president proposed a way to pay for tax cuts back in september. secondly i think these are expressly temporary measures where the bush tax cuts were designed in such a way that they lasted for ten years and exploded in costs towards the end. >> alan krueger the president of the chairman's council of advisors thank you for your time. >> thank you. clear >> susie: looks like consumers are spending again. on cyber monday, the online shopping day the monday after thanksgiving, consumers pointed and clicked their way to strong numbers for
i think you have to credit who is being affected by the tax cut and tax increase and who is paying for it they are proposing a sur tax on over a million dollars a year. it's a small sliver on the population and higher income families over a million dollars a year have a tendency to spend less than middle class families who disproportionately benefit. i think it provides the right medicine. >> is this like the bush tax cut. a temporary tax cut that is extended over and over again until...
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Apr 22, 2013
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when amazon.com began to collect sales tax. there was not a rush of customers from amazon to the main street. reason? >> they do not buy online to avoid sales tax, they buy online for lower prices, choices and convenience. the internet is here to stay. and businesses turn to the internet to reach customers. those are the ones that will run head long into the border less world that david talks about. now it's without borders for the tax department. >> address the constitutional portions that it brings up? >> the supreme court said in 1992, a time we were talking about catalogs. that that time, state laws were too complex for everyone. guess what? we are in a different day and age, everyone knows electronic commerce, the internet is here to take. it's robust and what you have now is because congress has not acted you are giving a subsidy to online retailer that is not needed. what we need to do is treat everyone the same. if you have customers in a state with a sales tax, you should collect and remit. >> steve, you got the first
when amazon.com began to collect sales tax. there was not a rush of customers from amazon to the main street. reason? >> they do not buy online to avoid sales tax, they buy online for lower prices, choices and convenience. the internet is here to stay. and businesses turn to the internet to reach customers. those are the ones that will run head long into the border less world that david talks about. now it's without borders for the tax department. >> address the constitutional...
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Jan 3, 2013
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bush tax cuts, 2001-2003-- it's been uncareer what the estate tax will be from year to year. it's been hard to do planning. we may have stability on what the estate tax looks like now. >> woodruff: in the meantime, neil, the vast majority of americans will continue to enjoy the so-called bush-era tax cuts. those will stay and they've been made permanent. >> that's right. this is-- in a way, this is-- this vote yesterday was a big win for george w. bush. if you look at his first achievement as president, first in 2001, then in 2003, it was cutting income tax rates on almost all americans, including the middle class, including the upper class, while they've been phased out for the very urch end e income spectrum, for all those lower, middle, upper middle income taxpayers thoashz bush era tax rates are now frozen forever. they can be changed by congress every time but they no longer have an expiration date. >> woodruff: steven dennis ydid that happen? we know the white house didn't want that originally. >> this is about leverage. mitch mcconnell was looking at the long run here
bush tax cuts, 2001-2003-- it's been uncareer what the estate tax will be from year to year. it's been hard to do planning. we may have stability on what the estate tax looks like now. >> woodruff: in the meantime, neil, the vast majority of americans will continue to enjoy the so-called bush-era tax cuts. those will stay and they've been made permanent. >> that's right. this is-- in a way, this is-- this vote yesterday was a big win for george w. bush. if you look at his first...
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plansing, etc., so that they're paying less taxes or a lower tax rate than hard-working families out there working as nurses and police officers, construction workers. this is a basic issue of trust and fairness. it's also and to restore fiscal discipline in a way that represents shared sacrifice, which means tough spending cuts across the board of a lot of difficult things but also means that you're asking those who are most fortunate and a r paying low tax rates to contribute and do their share. if you don't, where there l that come from? it will come from cutting medicaid or education or research like the house republican budget plan proposes. we think this represents a component of a much more balanced growth and fiscal discipline. >> brown: on the question of debt relief and deficit cutting, you're not claiming that the buffett rule by itself would have much of an impact there, are you? >> well, let me just do the numbers and let me be clear. if we had tax rates for the highest income americans where it is today at 35%, this would actually raise $160 billion. if we let tax rates
plansing, etc., so that they're paying less taxes or a lower tax rate than hard-working families out there working as nurses and police officers, construction workers. this is a basic issue of trust and fairness. it's also and to restore fiscal discipline in a way that represents shared sacrifice, which means tough spending cuts across the board of a lot of difficult things but also means that you're asking those who are most fortunate and a r paying low tax rates to contribute and do their...
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Mar 29, 2013
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and the way in which these offshore tax havens are used to avoid paying taxes. we've investigated that. there's a lot of revenue there that longs to the u.s. treasury and i think we can really make a contribution to the overall balanced solution by focusing on these lost revenues. >> let me stay on that issue for a second. many people propose that if we eliminate these corporate deductions and some of the things you're talking about, it will even be possible to lower corporate rates. do you agree with that? >> it may be possible to lower corporate rates. but the revenues which are lost through the use of these egregious tax loopholes, i'm not talking about normal tax deductions which are used by corporations, accelerated depreciation or things that have some legitimate economic purpose, i'm talking about the egregious kind of loopholes which are used. these tax gimmicks which are created to avoid paying taxes where there is no economic purpose. you know, shipping your revenues to the caymans or other tax havens to avoid paying taxes to uncle sam does not serve a
and the way in which these offshore tax havens are used to avoid paying taxes. we've investigated that. there's a lot of revenue there that longs to the u.s. treasury and i think we can really make a contribution to the overall balanced solution by focusing on these lost revenues. >> let me stay on that issue for a second. many people propose that if we eliminate these corporate deductions and some of the things you're talking about, it will even be possible to lower corporate rates. do...
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Sep 19, 2012
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they're likely to pay state sales sales taxes, local taxes and federal excise taxes. so they're not paying nothing at all. they're just not paying income tax. >> ifill: when the candidate makes the comment dependency and he's talking about people who are relying on government. are they talking about social security, medicare, medicaid, tax credits? mortgage interest deductions? >> it's really hard to tell exactly what he was speaking to. he was talking about dependency. do you mean when we grow old and we start collecting social security and medicare, is that what we're talking about? are we talking about the temporary assistance for needy families? are we talking about food stamps? we have a whole pan plee of programs that help people when they need the help. if we look at the way the tax system works, we have some people, about half the people who pay no tax just because they're plain poor. their incomes are so low that the personal exemptions zero out. the other half of people benefit from special preferences built into the tax system. tax credits for children, low
they're likely to pay state sales sales taxes, local taxes and federal excise taxes. so they're not paying nothing at all. they're just not paying income tax. >> ifill: when the candidate makes the comment dependency and he's talking about people who are relying on government. are they talking about social security, medicare, medicaid, tax credits? mortgage interest deductions? >> it's really hard to tell exactly what he was speaking to. he was talking about dependency. do you mean...
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Nov 22, 2012
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but a high tax rate on dividends is a high tax rate on investments. there is a general rule of thumb in economics: if you want more of something, you reduce taxes on it. if you want less of something, you tax it more. in our economy right now, with a lot of money sitting idle on the sidelines, and a lot of people unemployed, the last thing we want to do is, you know, increase taxes on investments which will, therefore, result in less investments and less jobs. >> tom: we have more with lew hay tomorrow on our thanksgiving special, "looking at the fiscal cliff." >> susie: the thanksgiving holiday marks one of the busiest travel times of the year, and airlines are expected to have a blockbuster weekend. they could use it. the airlines have struggled to find profits over the past decade. sylvia hall reports. >> reporter: it's one of the busiest days of the year for airlines, as people jet across the country to and from their holiday destinations. the airlines expect to fill a total of 24 million seats between today and sunday, according to airlines for a
but a high tax rate on dividends is a high tax rate on investments. there is a general rule of thumb in economics: if you want more of something, you reduce taxes on it. if you want less of something, you tax it more. in our economy right now, with a lot of money sitting idle on the sidelines, and a lot of people unemployed, the last thing we want to do is, you know, increase taxes on investments which will, therefore, result in less investments and less jobs. >> tom: we have more with...
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individual income taxes, followed by social security taxes, medicare taxes, corporate taxes, gasoline taxes and the rest. despite all those tax collections, the u.s. still had a budget deficit of nearly 1.3 trillion dollars during the last fiscal year. of course much more rapid economic growth would mean more tax revenues and help close that deficit. but unless and until that happens, we're left with two ways to make the budget hold. cut spending, or raise more money from taxes. today our focus is on that side of the equation, taxes. specifically how we can raise more money and make the tax code fairer for everyone. joining us from left to right in every sense, eliot spitzer, former democratic government never of new york, dorothy brown professor of law at emory university, specializing in tax law, braus bartlett former policy analyst in the reagan white house, he helped draft the last major tax reform in 1986. he has written a new book called the benefit and the burden. and dan mitch sell a senior fellow at the cato institute and previously served as an economist for the senate finan
individual income taxes, followed by social security taxes, medicare taxes, corporate taxes, gasoline taxes and the rest. despite all those tax collections, the u.s. still had a budget deficit of nearly 1.3 trillion dollars during the last fiscal year. of course much more rapid economic growth would mean more tax revenues and help close that deficit. but unless and until that happens, we're left with two ways to make the budget hold. cut spending, or raise more money from taxes. today our focus...
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Sep 8, 2011
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taxes on the some corporate tax loopholes and increasing taxes on the secretary of state hillary clinton. this is going to look a lot like the state of the union, the cabinet is there, the diplomatic core, most members of congress. we have heard i guess that a few republicans have chosen not to show up. and there's been a debate about whether that's a sign of dispeck to the -- disrespect to the president. >> not much for that, and it is limited, speaker boehner spoke to his conference today, and urged all of his house republicans to show up, and listen to the president's plan. so he clearly was not on board with some of the handful of republicans that have chosen not to show up. >> woodruff: david, a lot of i would say angst among democrats right now about jobs, because of especially not only because of the unemployment rate being so high, but because of the really severe part i son disagreement in the congress over the summer. and this may be mr. livinggood about to announce, we'll keep one eye on that. but there's a lot of anxiety, because that, the way that whole debate over the debt
taxes on the some corporate tax loopholes and increasing taxes on the secretary of state hillary clinton. this is going to look a lot like the state of the union, the cabinet is there, the diplomatic core, most members of congress. we have heard i guess that a few republicans have chosen not to show up. and there's been a debate about whether that's a sign of dispeck to the -- disrespect to the president. >> not much for that, and it is limited, speaker boehner spoke to his conference...
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Nov 10, 2012
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. >> woodruff: with higher tax rates. >> with higher tax rates. under bush 43 with two tax cuts we had an economy in tore pur and doubled the fat debt. and but it's become, david can explain t the republicans, you know, you don't go near a tax increase of any sort. >> i'm think thinking about the word torpor. haven't heard that in a while. first, we had rates have been up to 90, 70, and basic revenues have been the same, around 18 for basically decade after decade so there is always a way to get around the marshal rates. second, i actually agree with mark on this one. the idea that business is booming when the top rate is 36 but would collapse at 39 is just not supported bany actual evidence. and so a rate difference of that much i don't think would make a big difference and if it was up to me you go up there. when you get around 45, 50, then you really are setting in reverse incentive so i agree it wouldn't be that economically harmful it is an article of faith that the government is already too big. and republicans don't want to give more. one o
. >> woodruff: with higher tax rates. >> with higher tax rates. under bush 43 with two tax cuts we had an economy in tore pur and doubled the fat debt. and but it's become, david can explain t the republicans, you know, you don't go near a tax increase of any sort. >> i'm think thinking about the word torpor. haven't heard that in a while. first, we had rates have been up to 90, 70, and basic revenues have been the same, around 18 for basically decade after decade so there is...
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Nov 29, 2012
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, it would put you in the 50% tax bracket. it means i would get $125 million, free and clear, which is my money. i would invest some of it in the stock market, donate some of it to the churches. >> i would take a lump sum. >> reporter: why would you take a lump sum? >> because i don't know how long i'm going to live. >> tom: we spoke with susan bradley, founder of the sudden money institute and a certified financial planner. susan, tha thanks for joining us. an inheritance or a lottery -- how do you make that decision between taking a lump sum or stretching out the payments. >> you take a lot of time before you get to that decision. it is certainly not your first decision. your first thing to do is change management. we do a triage to see what is most important, and we deal with urgent things first, that are really going to affect well-being. usually the lump sum versus payment is something that you can put off for at least a month or two. >> tom: are we culturally bias to take the money and run now, compared to wait a generat
, it would put you in the 50% tax bracket. it means i would get $125 million, free and clear, which is my money. i would invest some of it in the stock market, donate some of it to the churches. >> i would take a lump sum. >> reporter: why would you take a lump sum? >> because i don't know how long i'm going to live. >> tom: we spoke with susan bradley, founder of the sudden money institute and a certified financial planner. susan, tha thanks for joining us. an...
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you get a tax cut, you get a tax cut. eventually, somebody is going to have to pay for it. what we are suggesting is we let many of these tax cuts expire, and then deal with the tough choices next year. >> lehrer: most republicans were expected to support the bill, but there were some rumblings on the right. "washington post" columnist charles krauthammer suggested the deal is another huge stimulus plan that adds to the deficit and aids the president's re-election bid. he wrote, "it will pump a trillion borrowed chinese dollars into the u.s. economy over the next two years, which just happen to be the two years of the run-up to the next presidential election." the more immediate timetable called for the senate to hold a procedural vote on the bill monday afternoon. and to shields and brooks-- syndicated columnist mark shields, "new york times" columnist david brooks. >> then, mark whack is going to happen after monday? >> monday there will be a cloture vote at 3:00. and the betting is right now that the votes are there to invoke cloture. and the senate will move to vote up
you get a tax cut, you get a tax cut. eventually, somebody is going to have to pay for it. what we are suggesting is we let many of these tax cuts expire, and then deal with the tough choices next year. >> lehrer: most republicans were expected to support the bill, but there were some rumblings on the right. "washington post" columnist charles krauthammer suggested the deal is another huge stimulus plan that adds to the deficit and aids the president's re-election bid. he wrote,...
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Oct 4, 2012
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federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasoline tax tadd up to well over 50% of what they earned. and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses has said that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do is i bring down the tax rates, lower deductions and exemptions, the same idea behin bowles-simpson, get the rate down, lower deductions and exemptions to create more jobs because there's nothing better getting us to a balanced budget than having more people working, earning more money, paying more taxes, that's by far the most effective and efficient way to get this budget balanced. >> jim you may want to move on to another topic but i would like to say this to the american people, if you believe we can cut taxes by $5 trillion and add $2 trillion in additional spending that the military is not asking for, $7 trillio just to give you a sense over 10 years, that's more than our entire defense budget, a
federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasoline tax tadd up to well over 50% of what they earned. and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses has said that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do is i bring down the tax rates, lower deductions and exemptions, the same idea behin bowles-simpson, get...
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Sep 10, 2010
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income won't be affected by these tax cuts, by allowing the tax cuts to expire. so it's that top 3% who really bring in the bulk of the money that will be affected. so... but i think, again, the thing that we have to remember is where this economy is right now, we are still a situation where we don't have enough demand. what we see in survey after survey from small businesses is that they're not seeing enough sales. they're wondering where are the customers coming through my doors a and so we need to target our policy response to help those small businesses see sales. and giving... extending the tax cuts for middle-class families will help put more customers in the dmoor way t way rgeting at the top end won't do. >> brown: the question, then, why not end all the tax cuts? why not end it for the middle klass as well? your argue. there is the deficit question? >> certainly, but we know folks in the low and middle-classes are more likely to spend every dollar that they get because they don't have a lot of wiggle room. they don't have a lot of savings. they don't hav
income won't be affected by these tax cuts, by allowing the tax cuts to expire. so it's that top 3% who really bring in the bulk of the money that will be affected. so... but i think, again, the thing that we have to remember is where this economy is right now, we are still a situation where we don't have enough demand. what we see in survey after survey from small businesses is that they're not seeing enough sales. they're wondering where are the customers coming through my doors a and so we...
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and tax relief is now on the way. today is a great day for america. >> the bush tax cuts in a lot of ways were written like a subprime mortgage. you know, they were designed to make people see certain things, and not see a lot of the fine print. >> fully 30% to 40% of the benefits were going to the very top of the income distribution. the top 1%. and when you broke it down, it was really the top one-tenth of 1% that did so well because of the estate tax changes, and because of the changes in the top tax rates, the changes in the capital gains taxes. and if you go to 2003, changes in the dividend tax. i mean, these were all tax breaks that were worth a vast amount to the richest of americans and worth very little to middle-class americans. >> within a few weeks after the legislation was passed, we all get a letter that says congress and the president have given you this tax cut. and then that's pretty mucht fothe middle class. but for higher income groups, the further forward you go in time, the bigger and bigger the b
and tax relief is now on the way. today is a great day for america. >> the bush tax cuts in a lot of ways were written like a subprime mortgage. you know, they were designed to make people see certain things, and not see a lot of the fine print. >> fully 30% to 40% of the benefits were going to the very top of the income distribution. the top 1%. and when you broke it down, it was really the top one-tenth of 1% that did so well because of the estate tax changes, and because of the...
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Jun 27, 2012
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tax code already. it is a mess and needs to be revisited again. >> rose: looking at ebb everything on the table. >> revenue from our point of view is tied to serious entitlement reform there is a way to get to the end here and to get an understanding that saves this country, but i will not make a commitment in advance about what i will or won't do. >> rose: but you are prepared for a grand bargain? >> i am prepared for a grand bargain. >> rose: and as a speaker. >> we are prepared to do a grand bargain, we have a to have a willing president -- you don't get knees deals done without a president who is serious about getting an outcome. >> rose: are you at one with the speaker and the republican leader in the senate? >> i don't think there is any debate about the need for more revenue the debate is how do you generate that revenue? i don't have -- i said this repeatedly, i don't have -- and i this at this way you generate revenue is there uh growth not through new taxes. >> rose: but that puts you at diff
tax code already. it is a mess and needs to be revisited again. >> rose: looking at ebb everything on the table. >> revenue from our point of view is tied to serious entitlement reform there is a way to get to the end here and to get an understanding that saves this country, but i will not make a commitment in advance about what i will or won't do. >> rose: but you are prepared for a grand bargain? >> i am prepared for a grand bargain. >> rose: and as a speaker....
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Oct 18, 2011
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taxes. we're taking out all payroll taxes. we're taking out the capital gains tax and the death tax. >> reporter: lowrie says all the details on the 9-9-9 plan are not out yet. by the end of the month, the campaign intends to release its plan to expand empowerment zones and lower the tax burden on the poor. darren gersh, "nightly business report," washington. >> susie: from the opening bell to the closing bell, quarterly earnings were the big topic of the day. let's take a closer look with tonight's "market focus." as we reported, besides apple and intel, there was yahoo. it turned in a lackluster quarterly report and there's speculation that could increase the pressure on the company to sell itself in parts or as a whole. yahoo earned 23 cents a share, six cents more than estimates. it the first report since carol bartz was fired as c.e.o. last month. revenue came in at just over a billion dollars, in line with estimates. yahoo shares were down fractionally in the regular session and in aft
taxes. we're taking out all payroll taxes. we're taking out the capital gains tax and the death tax. >> reporter: lowrie says all the details on the 9-9-9 plan are not out yet. by the end of the month, the campaign intends to release its plan to expand empowerment zones and lower the tax burden on the poor. darren gersh, "nightly business report," washington. >> susie: from the opening bell to the closing bell, quarterly earnings were the big topic of the day. let's take a...
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it's what reagan did with tax reform early on, reducing marginal tax rates and then '86 tax reform. the necessary part of that is to keep spending from spiraling out of control and particularly from allowing entitlements-- as the electorate ages-- from eating up more and more of the general economy. >> rse: as you know, the perception is that you do not want to compromise. and you don't want people who have signed the pledge to compromise and what's necessary is compromise. alan simpson has articulated this that he doesn't think anybody who doesn't want to compromise must have rocks in their brain. >> well, depends what you mean by compromise. i'm in favor of compromising towards liberty. i'm in favor of all steps towards liberty, fast or slow. we got a $2.5 trillion spending cut agreed out of last year's budget. we wanted the ryan plan which is a six-year... $6 trillion reduction in spending over a decade. we only got half of what we wanted but spending is coming down as a result of that agreement, no taxes were raised. there was a compromise towards liberty. >> rose: the compromis
it's what reagan did with tax reform early on, reducing marginal tax rates and then '86 tax reform. the necessary part of that is to keep spending from spiraling out of control and particularly from allowing entitlements-- as the electorate ages-- from eating up more and more of the general economy. >> rse: as you know, the perception is that you do not want to compromise. and you don't want people who have signed the pledge to compromise and what's necessary is compromise. alan simpson...
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even if it's a tax penalty and not a tax. that's one argument. >> that doesn't mean the a.i.a.applies. >> reporter: the hearings have set the stage for a new round of debate in the court of public opinion. >> this is a teaching moment. >> reporter: supporters like ron pollack of families usa kicked off a three-day blitz by bringing doctors and nurses to the steps of the court. >> two-and-a-half million young adults are receiving coverage through their parents as a result of the legislation. children with pre-existing conditions can no longer be denied health coverage by an insurance company due to their pre-existing condition. >> reporter: a coalition of health reform groups has taken over this building across the street from the supreme court. the groups it brought in nearly 30 radio talk show hosts to broadcast during the three days of arguments. when the affordable care act was passed in 2010, americans were sharply divided over whether it was a good or a bad idea. today that is still the case. and the individual mandate h
even if it's a tax penalty and not a tax. that's one argument. >> that doesn't mean the a.i.a.applies. >> reporter: the hearings have set the stage for a new round of debate in the court of public opinion. >> this is a teaching moment. >> reporter: supporters like ron pollack of families usa kicked off a three-day blitz by bringing doctors and nurses to the steps of the court. >> two-and-a-half million young adults are receiving coverage through their parents as a...
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it's reay a wealth tax, it's not an income tax. we integrate the two systems because it's convenient to do so, but a capital gain is a change in wealth, it's not income. >> reporter: he says in many cases, capital gains are already taxed at the corporate level before they ever end up on an individual's tax return. the lower rates also encourage investment, helping grow the economy. but critics don't buy it. >> we have a long history of different capital gains rates over almost a hundred years, and there is no evidence that it helps the economy or even helps investment. >> reporter: bob mcintyre of citizens for tax justice says the tax code's treatment of capital gains creates confusion, complexity, and plenty of ways for people to score lower tax rates. >> it's also the reason why... the biggest reason why the tax code is so complicated. because people who can do it take their wages or other forms of income and manage to get them treated as capital gains. >> reporter: long-term capital gains are taxed at 15% now. but if there is no
it's reay a wealth tax, it's not an income tax. we integrate the two systems because it's convenient to do so, but a capital gain is a change in wealth, it's not income. >> reporter: he says in many cases, capital gains are already taxed at the corporate level before they ever end up on an individual's tax return. the lower rates also encourage investment, helping grow the economy. but critics don't buy it. >> we have a long history of different capital gains rates over almost a...
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in other words, higher taxes or higher tax revenues coming from certain income levels mean u.s. consumers don't spend as much? is that the threat. >> the main threat is unemployment because despite the fact that bernanke had been pumping money through the system. >> the chairman of the federal reserve. >> if you're going over the fiscal cliff and the numbers are right minus 4% economic situation means much higher unemployment. it means less consumption. so that spreads throughout the whole society. >> tom: part of the tax debate goes right to the heart of investors. capital gains and dividends. if dividend taxes are increased, what would that mean for u.s. investors, especially those investors that are looking at the globe to invest? >> it means a lot because there are so many countries around the world that do not tax dividends or for that matter capital gains. >> tom: u.s. investors would get paid to go overseas. >> it's interesting to note that there is so much money sitting overseas being held by u.s. corporations that's not coming for fear that they will get this high tax.
in other words, higher taxes or higher tax revenues coming from certain income levels mean u.s. consumers don't spend as much? is that the threat. >> the main threat is unemployment because despite the fact that bernanke had been pumping money through the system. >> the chairman of the federal reserve. >> if you're going over the fiscal cliff and the numbers are right minus 4% economic situation means much higher unemployment. it means less consumption. so that spreads...
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Nov 14, 2012
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era tax cuts and the payroll tax holiday. at the same time automatic spending cuts will hit defense and domestic programs totaling $109 billion. the spending reductions were triggered when the congressional super committee failed to reach a broad deficit deal last year. that came after talks broan down between the president and house speaker john boehner. senator collins told the newshour today that she's optimistic lawmakers can still strike a deal and stave off the spending cuts. >> so this has to be done carefully. i think the president's right that -- and i've said this for a long time -- that we have to look at both revenues and spending. but there needs to be compromise on both sides. >> woodruff: but mcconnell said the president needs to put a proposal on the table if any agreement is going to pass. >> the time for the president to lead is now. that means offering a concrete plan that takes into account the facthatalf the congo poses tax hikes. >> woodruff: on the democratic side house minority leader nancy pelosi reje
era tax cuts and the payroll tax holiday. at the same time automatic spending cuts will hit defense and domestic programs totaling $109 billion. the spending reductions were triggered when the congressional super committee failed to reach a broad deficit deal last year. that came after talks broan down between the president and house speaker john boehner. senator collins told the newshour today that she's optimistic lawmakers can still strike a deal and stave off the spending cuts. >> so...
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tax return and paid no tax on $30 billion of profit over the past five years. another irish company, apple sales international, does make a tax return here, but only for profits on sales in ireland. they've been paying $10 billion on profits of $22 billion, a a tax rate of 0.05%. >> they've negotiated an income tax rate of less than 2%. where the irish statutory rate is 12%. >> that charge after sweetheart deal was denied by the government and in brussels. >> ireland does not negotiate special tax rate deals with any company. ireland does not, i repeat, does not do special tax rate deals with companies. >> but apple's boss was less emphatic when asked. >> ireland gave a 2% rate which was negotiated for your company, correct? >> we went to ireland in 1980. as a part of recruiting us, the irish government did give us a tax incentive agreement to enter there. >> nobody asked what these tax incentives were. >> the bishop was forced into the defensive. he said no special tax deals in place with overseas company operating here. >> the tax rate was not on the summit a
tax return and paid no tax on $30 billion of profit over the past five years. another irish company, apple sales international, does make a tax return here, but only for profits on sales in ireland. they've been paying $10 billion on profits of $22 billion, a a tax rate of 0.05%. >> they've negotiated an income tax rate of less than 2%. where the irish statutory rate is 12%. >> that charge after sweetheart deal was denied by the government and in brussels. >> ireland does not...
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schonberg's tax return is not unique. in fact, affluent taxpayers receive the vast majority of benefits from deductions. in 2011 the overwell aming percentage of gains it from the mortgage interest deduction, the charitable donation deduction, and the state and local tax deduction all went to taxpayers making more than $100,000 a year. >> those that earned the highest income get the most benefit from tax deduction and those that earn the lowest incomes or lower income amounts get the least benefit. >> so it's upside down. >> but one of schonberg's biggest breaks didn't come from any deduction. it came from how he earned his money. >> in 2010 of that 724,000, about 51,000 was from wages and salaries. so this would have been earnings from my teaching. >> wages and salaries were subject to income tax rates that until this month topped out at 35%. >> the single biggest category which is typically the case for me was capital gains. i had 404,000 in capital gains in 2010. do you think are you going to be happier if you become r
schonberg's tax return is not unique. in fact, affluent taxpayers receive the vast majority of benefits from deductions. in 2011 the overwell aming percentage of gains it from the mortgage interest deduction, the charitable donation deduction, and the state and local tax deduction all went to taxpayers making more than $100,000 a year. >> those that earned the highest income get the most benefit from tax deduction and those that earn the lowest incomes or lower income amounts get the...
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May 2, 2012
05/12
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so i am not opposed to a sales tax, but a value-added tax means you keep the present tax system and add tax on top of it and i think what we have today is sick. >> rose: so you are going to end the senate term and go back to oklahoma. >> i am. >> and practice medicine or do something else? >> it depends i am not sure i can keep up with medicine well enough to serve patients fairly. >> rose: fr enough. there is also this. you seem to be saying that you are pessimistic, you don't think we have the will at this time. >> i think the american people do. i don't think the politicians do. the american people, if you lay out, if they were to read this book and you lay out what is in front of us and he say any combination of those are something else, fix it. they would like to see it fixed, they are worried about their children, and their grandchildren,. >> rose: and they believe the life may be worse for the children than it is for them. >> and it is going to be, if we don't fix thi >> rose: the bookisall the debt bomb, a bold plan to stop washington from bankrupting america, a lot of people ha
so i am not opposed to a sales tax, but a value-added tax means you keep the present tax system and add tax on top of it and i think what we have today is sick. >> rose: so you are going to end the senate term and go back to oklahoma. >> i am. >> and practice medicine or do something else? >> it depends i am not sure i can keep up with medicine well enough to serve patients fairly. >> rose: fr enough. there is also this. you seem to be saying that you are...
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Jul 15, 2012
07/12
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be affected by it in taxes. obama himself, in 2010, when he agreed with mitch mcconnell to keep tax rates where they are, said many times, you don't raise taxes in a recession. we are not technically in a recession, but we're clearly in a stagnant economy. that is to " obama himself on the street when it pleases him politically, he says, "i will not raise taxes." what he needs it, he will say the opposite. the point is, even if you had these tax hikes, it would raise the maximum of $8 billion a year. we have a $1.30 trillion deficit. it is a distraction, shiny object you're putting over here. if you want to attack the deficit, you have to do it with spending cuts, tax reform, an entitlement reform, and if you want it in taxation, it will have to be across the board. you cannot do it and have any effect on the debt by doing it only on the top 2%. >> margaret mentioned the fact that i used to work in campaigns. as the only analyst who has been a veteran of four losing presidential campaigns -- [laughter] let me te
be affected by it in taxes. obama himself, in 2010, when he agreed with mitch mcconnell to keep tax rates where they are, said many times, you don't raise taxes in a recession. we are not technically in a recession, but we're clearly in a stagnant economy. that is to " obama himself on the street when it pleases him politically, he says, "i will not raise taxes." what he needs it, he will say the opposite. the point is, even if you had these tax hikes, it would raise the maximum...
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Oct 3, 2010
10/10
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tax cuts? what tax cuts? >> congress campaign to save their own jobs while doing nothing to save the jobs of working americans. >> that is congressman mike pence of indiana, chair of the house republican conference. the house passed a to rebuild its thehe government running through november -- but passed a temporary bill keeping the government running through november. why did they do that? >> sheer incompetence. you will have the issues of ngress underontrol of democrats and sheer incompetence. no budget for the first time in a quarter-century. and here is a democratic party with control of the house and senate and white house and cannot tell americans what the tax rates are going on january 1. it is not just the engine tax. it is capital gains -- it is not just the income tax. as capital gains and others. sheer incompetence. >> what is goingn overall the house and senate, more in the senate, is a demonstration of what the concerted minority can do, pick to yo witr rules. the money for haiti is being held up
tax cuts? what tax cuts? >> congress campaign to save their own jobs while doing nothing to save the jobs of working americans. >> that is congressman mike pence of indiana, chair of the house republican conference. the house passed a to rebuild its thehe government running through november -- but passed a temporary bill keeping the government running through november. why did they do that? >> sheer incompetence. you will have the issues of ngress underontrol of democrats and...
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Apr 30, 2013
04/13
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. >> ifill: then, taxing the internet. we discuss how congress may be changing the way we pay for the things we buy. >> woodruff: basketball's jason collins becomes the first male pro athlete still playing one of the big four sports to come out and say he's gay. we assess what his announcement means for sexual stereotypes on and off the court. >> ifill: ray suarez reports on tod's gathering of holocaust survivors and the veterans who helped save them, to mark the 20th anniversary of the u.s. holocaust memorial museum. >> woodruff: our "daily download" looks at the bogus tweet last week that sent the financial markets into a minutes-long nosedive. >> ifill: and hari sreenivasan explores "pandora's lunchbox" with the author of a new book on processed foods. >> technology has merged with food production in a way that few of us, i think realize, but i the way our bodies procession fo, it's stuck somewhere in the stoneage. >> ifill: that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided
. >> ifill: then, taxing the internet. we discuss how congress may be changing the way we pay for the things we buy. >> woodruff: basketball's jason collins becomes the first male pro athlete still playing one of the big four sports to come out and say he's gay. we assess what his announcement means for sexual stereotypes on and off the court. >> ifill: ray suarez reports on tod's gathering of holocaust survivors and the veterans who helped save them, to mark the 20th...
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Dec 8, 2010
12/10
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raising capital gains taxes and dividend taxes and employer taxes didn't make a lot of sense in that kind of environment. so the problem is if you only do this for two years, businesses are making investment decisions, you know, as professor krugman knows not on just a two-year basis or a five-year, ten-year, 20-year basis. i'm not thrilled about the idea that we're going to have to fight this fight, paul krugman and i will be on this show two years from now refighting this because all of those tax cuts expire again in december of 2012. >> can i break in here. yes it's hypocrisy. we now had an object lesson in the fact that all of the fuss about deficits was just a stick with which to beat back anything that democrats wanted. if it's something that republicans want, no one cares about the deficit. this has been... this was a teachable moment as the president likes to say. we've learned they really don't care at all about the deficit. >> brown: i want to ask you, paul krugman, to follow up on that. you watched this through a political... you watch economics through the political prism
raising capital gains taxes and dividend taxes and employer taxes didn't make a lot of sense in that kind of environment. so the problem is if you only do this for two years, businesses are making investment decisions, you know, as professor krugman knows not on just a two-year basis or a five-year, ten-year, 20-year basis. i'm not thrilled about the idea that we're going to have to fight this fight, paul krugman and i will be on this show two years from now refighting this because all of those...
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Nov 28, 2012
11/12
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>> tax rates going up, having tax rates go up is not wise for the economy. that we have put on the table in our past two budgets are to address tax revenues having revenues increase by way of closing the loopholes, limiting the deductions, limiting the credits, making certain that we lower the tax rates for everybody and broaden the base. that actually gets the economy rolling again so that we can grow the revenue to the federal government by having pro growth policies. the other side of this is the spending. that hasn't been addressed by the president. we wait for the president to be able to put his spending reductions on the table. >> brown: let me ask you to stay on the taxes for a minute. when you talk about revenu not rays, are there enough details there because a lot of budget experts will say that closing loopholes like that won't be enough until we know exactly what those loopholes are. >> what we do know are the rate increases that have been recommended by the president, get enough money to run the federal government for eight days not eight months
>> tax rates going up, having tax rates go up is not wise for the economy. that we have put on the table in our past two budgets are to address tax revenues having revenues increase by way of closing the loopholes, limiting the deductions, limiting the credits, making certain that we lower the tax rates for everybody and broaden the base. that actually gets the economy rolling again so that we can grow the revenue to the federal government by having pro growth policies. the other side of...